Best Online Savings, CDs, and Money Market Rates

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  • Home
  • Savings
  • CD Rates
  • Mortgages
  • Bank Games
    • Bank Game: Financial Football
    • Bank Game: Road Trip to Savings will Make or Break You
    • Jet-Ski Your Debt Away
  • Articles
    • We Are Rich
    • Time or Money
    • 7 Correct Money Principles
    • A Penny Saved Is A penny Earned
    • Slash Spending – Boost Your Money Market Account
    • Save Money on Household Utilities by Going Green
    • Saving Money and Sanity with Realistic Savings Goals
    • Money Resolutions: 3 Steps to Keep Them
    • How to Earn 13 Times the National Average Savings Rate FDIC Insured
    • 3 Easy Rules for Saving Without Budgeting
    • Budget According To Priorities Not Impulses
    • How Market Linked Certificates of Deposits Work
    • 15 Money Saving Tips That Will Beef Up Your Savings Account
    • Simple Steps to Getting a Savings Account
    • Savings Tips for Thriving in the Recession
    • 10 Simple Ways to Save Money Now
    • Real Money Saving Tips- From Real People
    • Just What Is a Savings Account?
    • What is a Rainy Day Savings Account?
    • Money Market Account vs. Savings Account Comparison
    • How to Find and Reduce Hidden Expenses
    • Is Your Bank Doomed to Fail? 5 Ways You Can Protect Your Savings Account
    • Traditional IRAs

The Benefits Of High Interest Money Market Accounts

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High Interest Money Market AccountsHigh interest money market accounts provide investors with a great opportunity to save money quickly. When you look at the measly interest rate provided with a standard savings account and compare it to the interest rate of a money market account, you will be able to see that you can easily earn 3 times more in interest money. Compare money market account interest rates in order to find the best bank out there that can provide you with a higher rate so you can earn more money.

Online Money Market Accounts

The higher interest rates are traditionally found with the online money market accounts. These banks do not have as many locations or they have a larger customer base, which allows them to pass along savings to their customers. You need to look online and compare their rates to your local bank in order to find out which bank is going to help you reach your savings goals. Rate comparison tools will help you in finding the best banks to work with so you can get higher interest rates and low account fees.

Limitations To Money Markets

Doing your research will help you to learn some of the risks to money market accounts and to know that you are selecting the right investment. Check on the account to make sure that it is backed by the FDIC and look into the account fees and other things. Usually money transfers are limited with the money market accounts as you can only withdrawal a certain amount each month. It is also important to check on transfer fees as some accounts will charge for each check that you write.

Finding The Best Interest Rates On Money Market Accounts

The best thing you can do is to compare banks and compare rates. You need to look online and compare it to your local bank then look into the customer service, account access, fees, and other things that can change your decision. The problem you will run into is the interest rate on money market accounts as it is controlled by The Federal Reserve. You need to worry about the interest rate changing almost daily, which can impact your savings goals. Research the bank to know that they continually offer the best interest rates on money market accounts but also to know that you are working with a reputable company.

Filed Under: Money Market Accounts  Tagged: best bank, best interest, compare rates, high interest checking accounts, high interest money market accounts, highest interest money market accounts, interest rate, money market account, money market account interest rates, money market account rates, online money market accounts, rates on money market accounts, savings account

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APY

APY or the annual percentage yield is the real rate of return of an investment over a period of a year taking into account the effect of compounding interest.

Compound Interest

Compound interest occurs when the interest earned on an account is credited back to the account and then interest is earned on the new total balance.

Depositor Insurance

All banks and credit unions listed or reviewed on this site are either FDIC insured or for credit unions NCUA insured. Currently FDIC and NCUA insurance provide insurance up to $250,000 per depositor per institution.

National Average Savings Rate Calculation

The national average calculations were obtained from the Weekly National Rates published by the FDIC.gov website.

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